Nephro Care India IPO Opens June 28 at Rs 85-90/share

New Delhi, Jun 25 (PTI) Kidney care provider Nephro Care India Ltd on Tuesday said it is looking to raise a little over Rs 41 crore through its initial share-sale, which will open for public subscription on June 28.

The issue, with a price band of Rs 85-90 per share, will conclude on July 2. The bidding for anchor investors will open for a day on June 27, the Kolkata-headquartered healthcare provider said in a statement.

The IPO comprises fresh issuance of 45.84 lakh equity shares worth Rs 41.26 crore at the upper-end of the price band. Post-issue, shares of the company will be listed on the NSE Emerge platform.

The kidney care provider intends to utilise Rs 26.17 crore of the IPO proceeds for setting-up a multi-speciality healthcare facility -- Vivacity Multi Speciality Hospital -- at Madhyamgram in Kolkata, West Bengal, and the remaining capital will be used for general corporate purposes.

The new hospital is proposed to include 100 in-patient beds, including a 30-bed Critical Care unit. The new hospital will offer treatment services in various disciplines such as cardiology, medical oncology, gastroenterology, gynaecology and many others, including an advanced renal transplant unit in East India.

In December 2023, Nephro Care India successfully closed the pre-IPO funding round, which saw the participation of banking veteran and former chairman of HDFC Ltd Deepak Parekh, chairman of HDFC Securities Bharat Shah, and Founder and MD of Macleods Pharmaceuticals Rajendra Agarwal among others.

In terms of financials, Nephro Care India posted a revenue of Rs 19.75 crore and earned a profit (PAT) of Rs 3.4 crore during the first nine months of FY 2023-24.

Corporate Capital Ventures is the book-running lead manager and Bigshare Services Private Ltd is the registrar for the issue.